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The Philippines’ domestic trade recorded double-digit declines in both volume and value in the second quarter of 2024
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The total quantity of domestic trade was down 38.2% to 4.10 million tons
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The value of domestic trade declined 14.9% to P182.62 billion
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Almost all or 99.9% of the commodities were traded through water (coastwise), while the rest were traded through air in the second quarter
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Central Luzon handled the highest volume while NCR registered the highest value and trade balance in the second quarter
The Philippines’ domestic trade recorded double-digit declines in both volume and value in the second quarter of 2024, according to preliminary data from the Philippine Statistics Authority.
The total quantity of domestic trade in the second quarter of this year was registered at 4.10 million tons, down 38.2% from the 6.64 million tons in the same quarter of 2023. This is in contrast to the first quarter of 2024 and second quarter of 2023 increases of 43.1% and 15.8%, respectively.
In terms of value, domestic trade dropped 14.9% to P182.62 billion from P214.72 billion in the second quarter of 2023.
Almost all or 99.9% of the commodities were traded through water (coastwise), while the rest were traded through air in the second quarter of 2024.
By commodity section, food and live animals continue to lead in terms of quantity in the second quarter of 2024 with 1.01 million tons or a share of 24.7% to the total domestic trade. This was followed by mineral fuels, lubricants and related materials with 0.95 million tons (23.3%) and machinery and transport equipment with 0.52 million tons (12.8%).
Machinery and transport equipment, meanwhile, topped in terms of value with P61.23 billion or a 33.5% share to the total domestic trade value in the second quarter. Food and live animals followed with P44.86 billion (24.6%) and manufactured goods classified chiefly by material with P23.18 billion (12.7%).
Among the regions, Central Luzon registered the highest quantity of traded commodities with 1.09 million tons or a share of 26.5% to the total. In second was National Capital Region (NCR) with 1.05 million tons (25.6%), followed by Western Visayas with 0.40 million tons (9.8%).
In terms of value, NCR topped with P66.78 billion, accounting for 36.6% of the total in the second quarter. This was followed by Eastern Visayas with P23.59 billion (12.9%) and Northern Mindanao with P19.22 billion (10.5%) worth of traded commodities.
Central Visayas, on the other hand, posted the highest inflow value of domestic trade at P38.43 billion or a 21% share to the total inflow of domestic trade in the second quarter. It was followed by Caraga with an inflow value of P27.36 billion (15.0%) and Western Visayas with P23.60 billion (12.9%). Cordillera Administrative Region, on another note, recorded the lowest inflow value, which amounted to P83,600.
The top three regions with favorable domestic trade balances in the second quarter of 2024 were NCR, P50.75 billion; Eastern Visayas, P13.84 billion; and Central Luzon, P10.21 billion.
On the other hand, the top three regions with unfavorable domestic trade balances were Caraga, P-23.99 billion; Central Visayas, P-21.91 billion; and CALABARZON, P-12.33 billion.
